FinCEN Imposes Special Measure on Huione Group, a Foreign Financial Institution of Primary Money Laundering Concern

Summary

The U.S. Financial Crimes Enforcement Network (FinCEN) has issued a final rule to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group, a Cambodian-based financial institution deemed a primary money laundering concern under the USA PATRIOT Act. The rule also requires financial institutions to apply enhanced due diligence to their foreign correspondent accounts to prevent transactions involving Huione Group.